PVP – Attractive valuation with the potential fleet expansion
- PVP announced 3Q2023 results with revenue of VND563bn and NPATMI of VND56 bn. Although the bottom line decreased by 68% YoY in 3Q2023 as PVP recorded abnormal profit last year, transportation segment continued to grow thanks to higher freight rate of Apollo tanker.
- The MR - Pacific Era has started contributing to PVP’s topline in 3Q2023 but we believe that this tanker will only start to generate profit in 2024 if the charter rates maintain above 20,000 USD/day.
- On the back of earnings forecast to remain around VND 200 bn during 2023-2024, we believe that PVP is quite attractive as (1) cheap valuation with 2023-2024 P/E at 7.3x (2) Ability to pay stable cash dividends (3) good financial situation for fleet expansion...
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